The local economy experienced a downward trend in 2020 after the country was hit by the Coronavirus pandemic. Since its wobbling state following the pandemic and the Russia-Ukraine War, the government implemented measures to put the economy back on a sound footing. One of the measures deployed by the government to stabilise the economy was to seek financial assistance from the International Monetary Fund (IMF). Additionally, the COVID-19 Levy was introduced as a means of burden-sharing to help the economy recover. The government stated that the reason for the COVID Levy was to settle the compounding debts incurred during the outbreak of the global pandemic.